Compared with constant cost production, if production occurs under increasing cost conditions, it is MORE likely that countries will:
a. completely specialize.
b. incompletely specialize.
c. not engage in international trade.
d. trade with one another.
Ans: b. incompletely specialize.
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Economic rent is defined as
A) the price of a factor of production that is fixed in supply. B) the surplus received by employing a factor of production in its highest-valued use. C) the revenue received by a factor of production with an upward-sloping supply curve. D) what you pay to rent your apartment or house.
Many college football teams require a "donation" in order to purchase season tickets. This is
A) price gouging. B) a tie-in sale. C) two part pricing. D) anti-competitive behavior.
By 2009, the percentage of the U.S. labor force employed in agriculture was:
a. 1.1 percent. b. between 2and 5percent. c. about 10 percent. d. 3percent.
Which of the following accounted for the highest percentage of state and local spending?
a. education and health care b. police and fire protection c. highways d. social security